Singapore legislation
Clause 85
Clause 85
Inspection of VCCs for compliance with directions and regulations
(1)
MAS may, from time to time, inspect under conditions of secrecy the books of —
a VCC; or
any subsidiary, branch, agency or office outside Singapore of a VCC,for the purpose of determining the extent of compliance by the VCC with the directions issued and the regulations made under sections 83 and 84.
(2)
MAS may appoint any person, including an auditor (not being an auditor of the VCC), to carry out an inspection under this section.
(3)
If the inspection is carried out on the ground that MAS has reason to believe that the VCC has contravened or is contravening any such direction or regulation, and if MAS so directs, then the VCC is liable to pay for the remuneration and expenses of any person appointed under subsection (2) for the inspection.
(4)
MAS may recover from the VCC the remuneration and expenses mentioned in subsection (3) as a civil debt due to MAS.
(5)
MAS may, in its discretion, waive the payment of all or any part of the remuneration and expenses mentioned in subsection (3).
(6)
Where, in the course of an inspection under subsection (1), MAS obtains any protected information as defined in section 152(1) of the MAS Act, and that information is not necessary for taking any action regarding non-compliance with any direction issued or regulation made under section 83 or 84, then MAS must treat that information as secret.
(7)
Subsection (6) does not prevent the transmission by MAS under —
section 27F(1) of the MAS Act as applied by subsection (11); or
section 155(1), 157(1) or 160 of the MAS Act as applied by section 88, 89 or 90, as the case may be,of any information to any authority mentioned in the applicable provision.
(8)
Section 27D of the MAS Act applies for the purpose of an inspection under subsection (1) as it applies for the purpose of an inspection under section 27C(1) of that Act, subject to the necessary modifications and to subsection (9).
(9)
In this section and section 27D of the MAS Act as applied by subsection (8), “book” has the meaning given by section 152(1) of the MAS Act.
(10)
Section 27E of the MAS Act applies with the necessary modifications in relation to a written report produced by MAS in respect of a VCC following an inspection under subsection (1), as it applies in relation to a written report mentioned in that section.
(11)
Section 27F of the MAS Act applies in relation to information obtained from an inspection under subsection (1) as it applies in relation to information obtained from an inspection under section 27C(1) of that Act, subject to the necessary modifications and the following further modifications:
the reference in section 27F(1) of the MAS Act to a corresponding authority as defined in section 152(1) of that Act, is to a corresponding authority as defined in section 86(1);
the reference in section 27F(1) of the MAS Act to any AML/CFT requirement as defined in section 152(1) of that Act, is to any AML/CFT requirement as defined in section 86(1);
the reference in section 27F(2) of the MAS Act to any prescribed written law as defined in section 152(1) of that Act or any requirement imposed under any such written law, is to this Act or any requirement imposed under this Act.